About
Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.
Key Metrics
as of Sep 2026Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,303.00 | 3,428.00 | 2,635.00 | 2,474.00 | 2,158.00 | 3,046.00 | 2,529.00 | 2,616.00 | 2,184.00 | 2,764.00 | 2,324.00 | 2,302.00 | 1,933.00 |
| Expenses | 2,234.00 | 3,054.00 | 2,380.00 | 2,302.00 | 1,933.00 | 2,747.00 | 2,340.00 | 2,338.00 | 2,044.00 | 2,491.00 | 2,137.00 | 2,098.00 | 1,801.00 |
| Operating Profit | 69.00 | 374.00 | 255.00 | 172.00 | 225.00 | 300.00 | 188.00 | 278.00 | 141.00 | 273.00 | 187.00 | 204.00 | 132.00 |
| OPM % | 3.00 | 11.00 | 10.00 | 7.00 | 10.00 | 10.00 | 7.00 | 11.00 | 6.00 | 10.00 | 8.00 | 9.00 | 7.00 |
| Other Income | 68.00 | 56.00 | 121.00 | 85.00 | 66.00 | 78.00 | 32.00 | 60.00 | 84.00 | 55.00 | 185.00 | 66.00 | 2.00 |
| Depreciation | 60.00 | 54.00 | 53.00 | 51.00 | 49.00 | 45.00 | 35.00 | 42.00 | 36.00 | 50.00 | 36.00 | 33.00 | 29.00 |
| Interest | 35.00 | 42.00 | 34.00 | 32.00 | 30.00 | 31.00 | 29.00 | 29.00 | 27.00 | 28.00 | 27.00 | 20.00 | 13.00 |
| Profit before tax | 42.00 | 334.00 | 289.00 | 174.00 | 211.00 | 301.00 | 156.00 | 266.00 | 161.00 | 251.00 | 309.00 | 217.00 | 91.00 |
| Tax % | 48.00 | 27.00 | 29.00 | 31.00 | 28.00 | 32.00 | 27.00 | 26.00 | 32.00 | 25.00 | 23.00 | 27.00 | 34.00 |
| Net Profit | 22.00 | 244.00 | 205.00 | 119.00 | 151.00 | 206.00 | 114.00 | 198.00 | 109.00 | 188.00 | 237.00 | 159.00 | 60.00 |
| EPS in Rs | 2.12 | 20.50 | 17.14 | 10.04 | 12.79 | 17.27 | 9.73 | 16.54 | 9.72 | 15.97 | 20.00 | 13.24 | 4.94 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,774.00 | 10,387.00 | 9,323.00 | 8,090.00 | 6,128.00 | 4,791.00 | 5,731.00 | 5,973.00 | 4,465.00 | 4,483.00 | 5,145.00 | 5,304.00 |
| Expenses | 9,736.00 | 9,477.00 | 8,526.00 | 7,489.00 | 5,715.00 | 4,435.00 | 5,331.00 | 5,516.00 | 4,088.00 | 4,049.00 | 4,712.00 | 4,842.00 |
| Operating Profit | 1,038.00 | 910.00 | 797.00 | 601.00 | 414.00 | 356.00 | 401.00 | 457.00 | 377.00 | 434.00 | 433.00 | 462.00 |
| OPM % | 10.00 | 9.00 | 9.00 | 7.00 | 7.00 | 7.00 | 7.00 | 8.00 | 8.00 | 10.00 | 8.00 | 9.00 |
| Other Income | 317.00 | 250.00 | 307.00 | 156.00 | 135.00 | 54.00 | 105.00 | 60.00 | 115.00 | 95.00 | 118.00 | 73.00 |
| Interest | 139.00 | 117.00 | 88.00 | 38.00 | 25.00 | 21.00 | 15.00 | 14.00 | 13.00 | 10.00 | 12.00 | 82.00 |
| Depreciation | 208.00 | 159.00 | 148.00 | 117.00 | 113.00 | 115.00 | 117.00 | 92.00 | 82.00 | 82.00 | 72.00 | 134.00 |
| Profit before tax | 1,008.00 | 884.00 | 869.00 | 603.00 | 410.00 | 275.00 | 375.00 | 410.00 | 397.00 | 438.00 | 467.00 | 319.00 |
| Tax % | 29.00 | 29.00 | 26.00 | 25.00 | 24.00 | 25.00 | 43.00 | 21.00 | 42.00 | 36.00 | 31.00 | 54.00 |
| Net Profit | 720.00 | 627.00 | 643.00 | 451.00 | 312.00 | 207.00 | 212.00 | 325.00 | 231.00 | 216.00 | 282.00 | 148.00 |
| EPS in Rs | 60.47 | 53.25 | 54.15 | 37.79 | 26.21 | 17.34 | 17.83 | 27.31 | 19.48 | 18.72 | 23.69 | 17.60 |
| Dividend Payout % | 3.00 | 25.00 | 21.00 | 25.00 | 32.00 | 38.00 | 37.00 | 24.00 | 29.00 | 30.00 | 24.00 | 40.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 24.00 |
| Reserves | 5,527.00 | 4,914.00 | 4,417.00 | 3,846.00 | 3,470.00 | 3,229.00 | 3,005.00 | 2,992.00 | 2,692.00 | 2,515.00 | 2,394.00 | 2,123.00 |
| Borrowings | 2,353.00 | 1,718.00 | 1,277.00 | 831.00 | 368.00 | 328.00 | 230.00 | 240.00 | 234.00 | 136.00 | 195.00 | 688.00 |
| Other Liabilities | 5,339.00 | 4,728.00 | 4,424.00 | 4,137.00 | 3,598.00 | 2,921.00 | 2,693.00 | 3,535.00 | 2,980.00 | 2,371.00 | 2,554.00 | 3,255.00 |
| Total Liabilities | 13,242.00 | 11,382.00 | 10,141.00 | 8,836.00 | 7,458.00 | 6,500.00 | 5,951.00 | 6,790.00 | 5,929.00 | 5,044.00 | 5,166.00 | 6,089.00 |
| Fixed Assets | 3,048.00 | 2,806.00 | 1,906.00 | 1,248.00 | 1,195.00 | 1,242.00 | 1,283.00 | 1,312.00 | 973.00 | 811.00 | 827.00 | 1,431.00 |
| CWIP | 1,442.00 | 563.00 | 525.00 | 434.00 | 44.00 | 24.00 | 56.00 | 40.00 | 103.00 | 141.00 | 60.00 | 43.00 |
| Investments | 1,784.00 | 1,699.00 | 1,765.00 | 1,626.00 | 1,477.00 | 234.00 | 875.00 | 829.00 | 1,472.00 | 1,083.00 | 1,050.00 | 822.00 |
| Other Assets | 6,969.00 | 6,315.00 | 5,945.00 | 5,528.00 | 4,742.00 | 4,999.00 | 3,737.00 | 4,609.00 | 3,381.00 | 3,009.00 | 3,228.00 | 3,793.00 |
| Total Assets | 13,242.00 | 11,382.00 | 10,141.00 | 8,836.00 | 7,458.00 | 6,500.00 | 5,951.00 | 6,790.00 | 5,929.00 | 5,044.00 | 5,166.00 | 6,089.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 542.00 | 1,080.00 | 247.00 | 460.00 | 325.00 | 769.00 | 326.00 | -115.00 | 534.00 | 335.00 | 253.00 | 311.00 |
| Cash from Investing Activity | -565.00 | -1,257.00 | -514.00 | -664.00 | -420.00 | -627.00 | -140.00 | 266.00 | -507.00 | -99.00 | -127.00 | 80.00 |
| Cash from Financing Activity | 248.00 | 123.00 | 285.00 | 349.00 | -21.00 | 77.00 | -232.00 | -65.00 | -20.00 | -126.00 | -112.00 | -351.00 |
| Net Cash Flow | 224.00 | -55.00 | 19.00 | 144.00 | -115.00 | 220.00 | -47.00 | 85.00 | 7.00 | 110.00 | 13.00 | 39.00 |
| Free Cash Flow | -401.00 | 180.00 | -471.00 | -190.00 | 241.00 | 686.00 | 278.00 | -270.00 | 333.00 | 216.00 | 120.00 | 282.00 |
| CFO/OP % | 86.00 | 139.00 | 54.00 | 102.00 | 103.00 | 243.00 | 114.00 | 16.00 | 188.00 | 114.00 | 98.00 | 98.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 75.00 | 70.00 | 83.00 | 80.00 | 85.00 | 94.00 | 88.00 | 84.00 | 102.00 | 84.00 | 95.00 | 122.00 |
| Inventory Days | 60.00 | 45.00 | 53.00 | 60.00 | 76.00 | 58.00 | 54.00 | 56.00 | 57.00 | 46.00 | 39.00 | 55.00 |
| Days Payable | 135.00 | 107.00 | 107.00 | 118.00 | 153.00 | 164.00 | 114.00 | 150.00 | 161.00 | 162.00 | 126.00 | 135.00 |
| Cash Conversion Cycle | -1.00 | 9.00 | 29.00 | 21.00 | 8.00 | -11.00 | 28.00 | -10.00 | -3.00 | -32.00 | 7.00 | 42.00 |
| Working Capital Days | -40.00 | -36.00 | -24.00 | -39.00 | -44.00 | -50.00 | -7.00 | -4.00 | -40.00 | -7.00 | -12.00 | -20.00 |
| ROCE % | 14.00 | 14.00 | 17.00 | 15.00 | 12.00 | 10.00 | 12.00 | 17.00 | 15.00 | 18.00 | 18.00 | 14.00 |
Corporate Actions
27 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 03 Jul 2026 | 03 Jul 2026 | — | 6.00 | NSE/BSE dividend mismatch: BSE/NSE=14.0; BSE/NSE=6.0 |
| Dividend | 03 Jul 2026 | 03 Jul 2026 | — | 14.00 | NSE/BSE dividend mismatch: BSE/NSE=14.0; BSE/NSE=6.0 |
| Dividend | 04 Jul 2025 | 04 Jul 2025 | — | 14.00 | |
| Dividend | 05 Jul 2024 | 05 Jul 2024 | — | 12.00 | |
| Dividend | 21 Jul 2023 | 21 Jul 2023 | — | 10.00 | |
| Dividend | 21 Jul 2022 | 22 Jul 2022 | — | 9.00 | |
| Dividend | 22 Jul 2021 | 23 Jul 2021 | — | 7.00 | |
| Dividend | 20 Mar 2020 | 23 Mar 2020 | — | 7.00 | |
| Dividend | 25 Jul 2019 | 27 Jul 2019 | — | 7.00 | |
| Dividend | 26 Jul 2018 | — | — | 6.00 | |
| Dividend | 27 Jul 2017 | — | — | 6.00 | |
| Other | 27 Jul 2017 | — | — | — | Annual General Meeing/Ividend - Rs 6 Per Share |
| Dividend | 28 Jul 2016 | — | — | 6.00 | |
| Dividend | 16 Jul 2015 | — | — | 7.00 | |
| Dividend | 10 Jul 2014 | — | — | 6.00 | |
| Dividend | 11 Jul 2013 | — | — | 7.00 | |
| Other | 11 Jul 2013 | — | — | — | Annual General Meeting / Dividend - Rs 7/- Per Equity Share |
| Dividend | 12 Jul 2012 | — | — | 7.00 | |
| Dividend | 07 Jul 2011 | — | — | 9.00 | |
| Dividend | 08 Jul 2010 | — | — | 5.00 | |
| Dividend | 09 Jul 2009 | — | — | 5.00 | |
| Dividend | 10 Jul 2008 | — | — | 8.00 | |
| Dividend | 12 Jul 2007 | — | — | 2.60 | |
| Dividend | 20 Mar 2007 | 21 Mar 2007 | — | 3.40 | |
| Dividend | 06 Jul 2006 | — | — | 3.40 | |
| Dividend | 14 Jul 2005 | — | — | 2.40 | |
| Dividend | 07 Aug 2001 | — | — | 1.00 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update23 Jan from crisil
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Rating update19 Jan from crisil
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Rating update12 Jan from care
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Rating update28 Oct 2025 from crisil
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Rating update20 Dec 2024 from crisil
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Rating update29 Sep 2023 from crisil
Conference Calls
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